Bullish Clears Record-Long Bitcoin Options Trade Expiring in 2028

Bullish has cleared its longest-dated Bitcoin options trade, expiring in January 2028. This marks a significant milestone for the exchange, which has been expanding its options offerings since launching in October 2025.

The specific terms of the trade have not been disclosed, but it's clear that this was a major institutional deal. Bullish operates a unified margin system, allowing traders to use a single collateral pool to manage positions across spot, futures, and options markets.

This achievement demonstrates Bullish's growing presence in the crypto options market, which has seen significant growth since its launch. By early 2026, the exchange had climbed to second position globally for Bitcoin options open interest, trailing only Deribit.